Cybersecurity protection company Malwarebytes has scored a $100m strategic minority investment from tech-focused private equity firm Vector Capital.
According to Private Equity Wire, the funding by Vector Capital follows investments led by Highland Capital Partners and Fidelity Management and Research Company.
Established in 2008, Malwarebytes helps to detect and mitigate cyber threats for customers through intelligence, AI and machine learning.
Malwarebytes claims the capital will be used for product innovation, scaling its channel partner program and grow its managed service provider business.
The investment is subject to standard and customary closing conditions and is expected to close in the fourth quarter of this year.
Sandy Gill and Dave Fishman – Vector Capital managing directors – will join Malwarebytes’ board of directors as part of the transaction.
A survey by Malwarebytes found last year that black, indigenous and people of colour (BIPOC) are more likely to suffer from identity theft.
The survey was conducted by Malwarebytes alongside the non-profit company Digitunity and the Cybercrime Support Network. The research looked at the demographics at cybercrime and harvested opinion of 5,000 people across Germany, the US and the UK.
The survey discovered that just 47% of BIPOC respondents were able to avoid financial damage due to identity theft compared to 59% of overall respondents. Meanwhile, BIPOC individuals on overage reporting approximately $200 more in financial losses.
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